Agricultural Central Trading Limited

FINANCIAL STATEMENTS for the year ended 30 June 2013 Company Registration No. 713606

OFFICERS AND PROFESSIONAL ADVISERS DIRECTORS G Hendry (Chairman) P Christensen J L Rowlands N L M Snape J D Hamilton F Carr T G Brown M Corfield SECRETARY H M I Fellows REGISTERED OFFICE 90 The Broadway Chesham Buckinghamshire HP5 1EG AUDITOR Baker Tilly UK Audit LLP Chartered Accountants Elgar House Holmer Road Hereford HR4 9SF 1

DIRECTORS' REPORT The directors submit their report and financial statements of Agricultural Central Trading Limited for the year ended 30 June 2013. PRINCIPAL ACTIVITIES The principal activity of the company is the supply of requisities to farmers, growers and wholesalers. The directors are satisfied with the results for the year. REVIEW OF THE BUSINESS The turnover of the company for the year amounted to 121,827,720 (2012-114,983,240). This resulted in a trading profit of 1,665,009 (2012-1,942,540) from which is deducted a bonus of 762,903 (2012-1,045,803) payable to members. The bonus payable to members for the year to 30 June 2013 was calculated at a rate of 8 per 1,000 (2012-12 per 1,000) of their purchases from the company during the calendar year plus 3% p.a. interest (2011-3%) on their shareholding at 30 June 2013, with a minimum payment of 25. A small number of members owning less than 40 shares will receive a reduced rate of bonus. Accounting convention requires that the two elements of bonus (trading and interest) be treated separately in the profit and loss account. The profit before taxation of 858,203 (2012: 883,338) showing in the profit and loss account is after the trading element of the bonus. The main activities of the company continue to be related to the supply of inputs to farmers. The principal inputs are animal feeds and fertiliser as well as other items used by livestock and cereal farmers. Fluctuating fuel and cereal costs have impacted the prices of some goods supplied by the company and the timing of customers' buying decisions. The company reduces its risk from fluctuating prices by holding minimal unsold stock lines. In the year the company continued to consolidate its position by maintaining its share of the markets in which it operates. Key Performance Indicators The company's main objective is to benefit its members which are measured through: Members trading bonus 8 per 1,000 of purchases 12 per 1,000 of purchases Total members trading bonus 762,903 1,045,803 Number of active members 4,253 4,023 (defined as members that have traded within the financial year) These indicators show the company continues to deliver benefits to its members. 2

DIRECTORS' REPORT Risks and uncertainties Credit Risk - Management has credit control policies in place to monitor risk on an ongoing basis. Credit evaluations are performed on customers requiring credit. Interest rate risk - The company has variable rate working capital facilities and deposit accounts which are exposed to changes in interest rates. Market Risk - Market risk is constantly monitored through the monitoring of industry data and our positioning in relation to our competitors. As detailed above, risk from market fluctuations in price are reduced by low stock holding levels. Liquidity risk - The company monitors its liquidity to ensure it can meet its liabilities as they fall due. This includes ensuring banking lines are available to fund working capital requirements. FUTURE DEVELOPMENTS The directors aim to ensure that the company will continue to react to prevailing market conditions and aim to improve sales and profitability in the forthcoming year. RESULTS AND MEMBERS BONUS The profit for the year, after taxation, amounted to 671,583. Particulars of member bonus - interest on shares proposed are detailed in note 10 to the financial statements. DIRECTORS The directors who served the company during the year were as follows: G Hendry (Chairman) P Christensen J L Rowlands N L M Snape J D Hamilton F Carr T G Brown M Corfield M Corfield was appointed as a director on 7 December 2012. 3

DIRECTORS' REPORT STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. AUDITOR Baker Tilly UK Audit LLP has indicated its willingness to continue in office. By order of the board H M I Fellows Company Secretary 16 October 2013 4

DIRECTORS' RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to: a. select suitable accounting policies and then apply them consistently; b. make judgements and estimates that are reasonable and prudent; c. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; d. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Agricultural Central Trading Limited website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 5

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGRICULTURAL CENTRAL TRADING LIMITED We have audited the financial statements on pages 7 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As more fully explained in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at http://www.frc.org.uk/our-work/codes-standards/audit-and-assurance/standards-and-guidance/ Standards-and-guidance-for-auditors/Scope-of-audit/UK-Private-Sector-Entity-(issued-1-December-2010). aspx. Opinion on the financial statements In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2013 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. TOM MORGAN (Senior Statutory Auditor) For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor Chartered Accountants Elgar House Holmer Road Hereford HR4 9SF 17 October 2013 6

PROFIT AND LOSS ACCOUNT for the year ended 30 June 2013 Notes TURNOVER 1 121,827,720 114,983,240 Cost of sales 116,168,381 109,626,814 -------------------------------------- Gross profit 5,659,339 5,356,426 Administrative expenses 4,823,733 4,533,189 Other operating income 3 (66,500) (73,500) -------------------- OPERATING PROFIT 4 902,106 896,737 Interest receivable 7 1,550 7,206 903,656 903,943 Interest payable and similar charges 8 (45,453) (20,605) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 858,203 883,338 Taxation 9 186,620 207,717 PROFIT FOR THE FINANCIAL YEAR 20 671,583 675,621 The profit for the year arises from the company's continuing operations. No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Profit and Loss Account. 7

BALANCE SHEET 30 June 2013 Company Registration No. 713606 Notes FIXED ASSETS Intangible assets 11 Tangible assets 12 1,184,227 1,192,178 -------------------- 1,184,227 1,192,178 -------------------- CURRENT ASSETS Stocks 13 875,882 716,874 Debtors 14 30,005,210 25,575,317 Cash at bank and in hand 262,909 171,693 ---------------------------- 31,144,001 26,463,884 CREDITORS Amounts falling due within one year 15 19,733,307 15,778,062 ---------------------------- NET CURRENT ASSETS 11,410,694 10,685,822 ---------------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 12,594,921 11,878,000 CAPITAL AND RESERVES Called up share capital 18 1,211,106 1,177,448 Share premium account 19 421,638 384,614 Revaluation reserve 387,866 387,866 Profit and loss account 20 10,574,311 9,928,072 ---------------------------- SHAREHOLDERS' FUNDS 21 12,594,921 11,878,000 The financial statements on pages 7 to 19 were approved by the board of directors and authorised for issue on 16 October 2013 and are signed on their behalf by: G Hendry (Chairman) Director 8

CASH FLOW STATEMENT for the year ended 30 June 2013 Notes Net cash flow from operating activities 22.a 312,969 (594,895) Returns on investments and servicing of finance 22.b (43,903) (13,399) Taxation 22.b (210,042) (310,691) Capital expenditure and financial investment 22.b (232,436) (296,214) ---------- (173,412) (1,215,199) Members bonus interest on shares paid (24,859) (23,109) ---------- CASH (OUTFLOW) BEFORE FINANCING (198,271) (1,238,308) Financing 22.b 70,682 127,051 ---------- DECREASE IN CASH IN THE PERIOD (127,589) (1,111,257) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Decrease in cash in the period (127,589) (1,111,257) Cash outflow in respect of hire purchase and finance lease 20,547 ---------- Change in net debt 22.c (127,589) (1,090,710) ---------- Net debt at the beginning of the year 22.c (1,302,513) (211,803) -------------------- Net debt at the end of the year 22.c (1,430,102) (1,302,513) 9

ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets and in accordance with applicable accounting standards. The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review on pages 2 to 3. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current banking facility. No matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. TURNOVER Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax, of goods and services provided to customers. AMORTISATION Amortisation is calculated so as to write off the cost of an intangible fixed asset, less its estimated residual value, over the useful economic life of that asset as follows: Goodwill - 25% straight line FIXED ASSETS All fixed assets are initially recorded at cost. DEPRECIATION Depreciation is calculated so as to write off the cost or revaluation of a tangible fixed asset, less its estimated residual value, over the useful economic life of that asset as follows: Leasehold Property Improvements - over the period of the lease Plant & Machinery - 10% to 33% straight line Motor Vehicles - 25% straight line Freehold land is not depreciated. 10

ACCOUNTING POLICIES INVESTMENT PROPERTIES In accordance with the Statement of Standard Accounting Practice 19 'Accounting for Investment Properties', investment properties are revalued on a regular basis and are not subject to a depreciation charge. No depreciation is provided for in respect of investment properties in accordance with SSAP 19. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. Investment properties are deemed to be stated at their market value at the balance sheet date. The Investment Property is included within fixed assets and is professionally valued by Chartered Surveyors on an existing use open market value basis, in accordance with the Statement of Assets Valuation Practice No 4 and the Guidance Notes of the Royal Institution of Chartered Surveyors. STOCKS Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. OPERATING LEASE AGREEMENTS Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. PENSION COSTS The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. DEFERRED TAXATION Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. FINANCIAL INSTRUMENTS Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 11

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 1 TURNOVER The turnover and profit before tax are attributable to the one principal activity of the company. All of the turnover is attributable to the United Kingdom market. 2 MEMBER BONUS - TRADING ELEMENT Cost of sales includes the trading element of the member bonus for the year amounting to 762,903 (2012-1,045,803). 3 OTHER OPERATING INCOME Rent receivable 66,500 73,500 4 OPERATING PROFIT Operating profit is stated after charging/(crediting): Depreciation of owned fixed assets 273,938 247,946 Profit on disposal of fixed assets (33,551) (13,763) Operating lease costs: - Other 78,893 84,360 Auditor's remuneration for statutory audit 23,825 22,700 Auditor's remuneration for other services 7,580 7,155 Amounts payable to Baker Tilly UK Audit LLP and its associates in respect of both audit and non audit services: Audit services - statutory audit of the financial statements 23,825 22,700 Other services - taxation services 3,530 3,350 - other services 4,050 3,805 ---------------------------- ---------------------------- 31,405 29,855 12

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 5 PARTICULARS OF EMPLOYEES The average monthly number of persons (including directors) employed by the company during the year was: No No Number of administrative staff 93 89 The aggregate payroll costs of the above were: Wages and salaries 3,187,450 2,891,835 Social security costs 359,399 341,285 Other pension costs 154,875 151,225 -------------------- 3,701,724 3,384,345 Defined contribution pension scheme The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to 154,875 (2012 151,225). 6 DIRECTORS' REMUNERATION The directors' aggregate remuneration in respect of qualifying services were: Remuneration receivable 235,004 235,922 Value of company pension contributions to money purchase schemes 10,479 10,521 245,483 246,443 Remuneration of highest paid director: Total remuneration (excluding pension contributions) 152,369 163,322 Value of company pension contributions to money purchase schemes 10,479 10,521 162,848 173,843 The number of directors who accrued benefits under company pension schemes was as follows: No No Money purchase schemes 1 1 7 INTEREST RECEIVABLE Other interest receivable 1,550 7,206 13

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 8 INTEREST PAYABLE AND SIMILAR CHARGES On bank loans and overdrafts 45,453 20,605 9 TAXATION ON ORDINARY ACTIVITIES (a) Analysis of charge in the year Current tax: UK Corporation tax based on the results for the year at 23.75% (2012 25.5%) 186,940 210,383 Over/under provision in prior year (320) (2,666) Total current tax 186,620 207,717 (b) Factors affecting current tax charge The tax assessed on the profit on ordinary activities for the year is lower than the standard rate of corporation tax in the UK of 23.75% (2012 25.5%), as explained below Profit on ordinary activities before taxation 858,203 883,338 Profit on ordinary activities by rate of tax 203,823 225,251 Effects of: Expenditure (deductible)/not deductible for tax purposes (4,391) 1,843 Depreciation for period in excess of capital allowances 12,930 (9,043) Other timing differences (18,991) 1,144 Adjustment to tax charge in respect of previous periods (320) (2,666) Tax chargeable at lower rates (6,431) (8,812) Total current tax (note 9(a)) 186,620 207,717 10 MEMBERS BONUS - INTEREST ON SHARES Proposed at the year-end (recognised as a liability): Members bonus - interest on shares 25,344 24,859 14

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 11 INTANGIBLE FIXED ASSETS Goodwill Cost At 1 July 2012 and 30 June 2013 357,701 = Amortisation At 1 July 2012 357,701 -------------------------------- At 30 June 2013 357,701 = Net book value At 30 June 2013 At 30 June 2012 = = 12 TANGIBLE FIXED ASSETS Leasehold Property Investment Improvement Plant & Motor Freehold Property s Machinery Vehicles Land Total Cost or valuation At 1 July 2012 510,000 248,239 618,960 897,089 7,676 2,281,964 Additions 36,845 270,320 307,165 Disposals (84,383) (221,697) (306,080) ----------------------- ------------------------------------------ At 30 June 2013 510,000 248,239 571,422 945,712 7,676 2,283,049 Depreciation At 1 July 2012 215,303 488,966 385,517 1,089,786 Charge for the year 9,504 40,152 224,282 273,938 On disposals (84,383) (180,519) (264,902) -------------- -------------------------------- -------------- ------------------------------------------ At 30 June 2013 224,807 444,735 429,280 1,098,822 Net book value At 30 June 2013 510,000 23,432 126,687 516,432 7,676 1,184,227 At 30 June 2012 510,000 32,936 129,994 511,572 7,676 1,192,178 A revaluation of the Freehold Investment Land and Buildings at Carmarthen was carried on 11 January 2005 by John Francis, Chartered Surveyors, based on open market value. An updated report was prepared in 2008 which showed no material change and the directors are not aware of any further change since this date, therefore the valuation has not been updated. There were no future capital commitments at 30 June 2013 (2012 - Nil). 15

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 12 TANGIBLE FIXED ASSETS (continued) In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows: Net book value at end of year 510,000 510,000 Historical cost 172,631 172,631 Depreciation: At 1 July 2012 50,497 50,497 At 30 June 2013 50,497 50,497 Net historical cost value: At 30 June 2013 122,134 122,134 At 1 July 2012 122,134 122,134 13 STOCKS Goods for resale 875,882 716,874 14 DEBTORS Trade debtors 29,890,704 25,482,600 Other debtors 42,977 51,233 Prepayments and accrued income 71,529 41,484 ---------------------------- 30,005,210 25,575,317 The debtors above include the following amounts falling due after more than one year: Other debtors 25,000 34,950 16

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 15 CREDITORS: Amounts falling due within one year Bank overdrafts 1,693,011 1,474,206 Trade creditors 16,299,707 12,434,383 Corporation tax 186,961 210,383 Other taxation and social security 311,167 297,703 Member bonus - interest 25,344 24,859 Member bonus - trading element 762,902 1,045,803 Accruals and deferred income 454,215 290,725 ---------------------------- 19,733,307 15,778,062 Barclays Bank plc hold a debenture over all the assets of the company as security for any overdraft. The aggregate secured liability amounted to 1,693,011 at 30 June 2013 (2012-1,474,206). 16 COMMITMENTS UNDER OPERATING LEASES At 30 June 2013 the company had annual commitments under non-cancellable operating leases as set out below. Land and buildings Operating leases which expire: Within 1 year 18,750 18,750 Within 2 to 5 years 58,950 58,950 ---------------------------- ---------------------------- 77,700 77,700 17 RELATED PARTY TRANSACTIONS No director had any contract with the company other than (a) a director's service contract, or (b) for the purchase of requisites under terms identical to other customers. The directors' aggregated purchases from Agricultural Central Trading Limited during the year totalled 779,166 excluding Value Added Tax (2012-538,517). At the year end, the directors aggregated balance outstanding to the company amounted to 74,226 (2012-26,326). There were no other material transactions with related parties. 18 SHARE CAPITAL Allotted, called up and fully paid: 1,211,106 (2012-1,177,448) Ordinary shares of 1 each 1,211,106 1,177,448 During the year 33,658 ordinary 1 shares were allotted at 2.10 per share. The total consideration received by the company was 70,682. 17

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 19 SHARE PREMIUM ACCOUNT At 1 July 2012 384,614 308,621 Premium on shares issued in the year 37,024 75,993 At 30 June 2013 421,638 384,614 20 PROFIT AND LOSS ACCOUNT At the beginning of the year 9,928,072 9,277,310 Profit for the financial year 671,583 675,621 Members bonus interest on shares (25,344) (24,859) ------------------------ At the end of the year 10,574,311 9,928,072 21 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Profit for the financial year 671,583 675,621 New equity share capital subscribed 33,658 71,605 Premium on new share capital subscribed 37,024 75,993 Members bonus interest on shares (25,344) (24,859) Net addition to shareholders' funds 716,921 798,360 Opening shareholders' funds 11,878,000 11,079,640 ---------------------------- Closing shareholders' funds 12,594,921 11,878,000 22 CASH FLOWS a Reconciliation of operating profit to net cash inflow from operating activities Operating profit 902,106 896,737 Depreciation 273,938 247,946 Profit on disposal of fixed assets (33,551) (13,763) (Increase)/decrease in stocks (159,008) 170,786 (Increase)/decrease in debtors (4,429,893) 60,988 Increase/(decrease) in creditors 3,759,377 (1,957,589) -------------------- Net cash inflow/(outflow) from operating activities 312,969 (594,895) b Analysis of cash flows for headings netted in the cash flow Returns on investment and servicing of finance Interest received 1,550 7,206 Interest paid (45,453) (20,605) ---------------------------- ---------------------------- Net cash outflow from returns on investments and servicing of finance (43,903) (13,399) 18

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2013 22 CASH FLOWS (continued) Taxation Taxation (210,042) (310,691) Capital expenditure Payments to acquire tangible fixed assets (307,165) (343,061) Receipts from sale of fixed assets 74,729 46,847 Net cash outflow from capital expenditure (232,436) (296,214) Financing Issue of equity share capital 33,658 71,605 Share premium on issue of equity share capital 37,024 75,993 Capital element of hire purchase and finance lease (20,547) -------------------------------- ---------------------------- Net cash inflow from financing 70,682 127,051 c Analysis of net debt At 1 Jul 2012 Cash flows At 30 Jun 2013 Cash in hand and at bank 171,693 91,216 262,909 Overdrafts (1,474,206) (218,805) (1,693,011) ---------- ------------------------------------------ Total (1,302,513) (127,589) (1,430,102) = 23 CO-OPERATIVE STATUS The company continues to satisfy the requirements of the Department for Environment, Food and Rural Affairs regarding the volume of sales to members. 19